Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q1 2026 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Earnings Support Slides
First Quarter 2026 Earnings Support Slides April 28, 2026 NYSE: EPD
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, words s
Slide 3: Qualifying Statements
Qualifying Statements This supplemental package contains earnings support slides highlighting major variances for the quarter. This data should be read in conjunction with the information contained in the earnings release for the first quarter of 2026 and our SEC Form 10-Q (when filed), which provid
Slide 4: Enterprise Allocation of Capital
Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $63 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.55/unit for 1Q 2026, a 2.8% increase over 1Q 2025 • Buyback
Slide 5: EPD’s Role in Building a Resilient Portfolio
EPD’s Role in Building a Resilient Portfolio Recession Resistant • Businesses have a high degree of inelastic demand from providing integral infrastructure services to producers and consumers of energy and energy products Inflation Protection • Approximately 90% of long-term contracts have escalatio
Slide 6: History of Cash Flow per Unit Durability
History of Cash Flow per Unit Durability A Track Record of Resilience COVID-19 $4.30 Financial Crisis Oil Price Collapse Pandemic $4.08 $3.87 $3.66 $3.44 (1) Operational DCF and Adjusted CFFO per Unit $3.01 $2.58 $2.15 $1.72 $1.29 $0.86 $0.43 $0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 7: Capital Returned to Unitholders
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $5.1 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 1Q 2026 $5.1 $5.0 $4.8 Capital Returned to Unitholders $4.5 $4.4 $4.4 $4.2 $4.1 $4.2 $4.2 $3.9 $3.9 $3.9 $3.8 Growth Capex $3.
Slide 8: Strategic Investment Drives Value Chain Growth
Strategic Investment Drives Value Chain Growth (1) Natural Gas Processing Plant Inlet Volume Equivalent Pipeline Transportation Volume Bcf/d MBPD 8.5 8.3 Bcf/d 15,000 14.2 MMBPD 8.0 14,000 7.5 13,000 7.0 12,000 9% 8% RECORD RECORD 6.5 11,000 CAGR CAGR 6.0 10,000 5.5 9,000 5.0 8,000 4.5 7,000 4.0 6,0
Slide 9: Growth Capital Expenditures
Growth Capital Expenditures (1) $5.3B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast In-service Forecasted Annual Growth Capex Range Permian Basin 4 Delaware Basin & Midland Basin Natural Gas Gathering, Gathering 2026–2027 Compression & Treating & Treatin
Slide 10: Indicative Attribution of Total GOM
Indicative Attribution of Total GOM $12 $10.0B $10.0B $10 $9.3B $9.4B 13% 16% Gross Operating Margin in $Billions 16% 17% 5% $8 6% 10% 6% $6 $4 82% 78% 74% 77% $2.7B 3% 17% $2 80% $0 2022 2023 2024 2025 1Q 2026 Fee-Based Commodity Price-Based Differential-Based Total gross operating margin is a Non-
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of Year-To-Date 2026 (1) $1,200 Natural Gas Processing GOM $1.00 $1,066 $959 $963 $1,000 $166 $0.83 $737 $215 $197 GOM in $Millions $800 $0.67 $87 $202 $/Gal $535 $214 $600 $0.50 $202 $400 $0.33 $530 $564 $276 $448 $85 $200 $365 $0.17 $41 $1
Slide 12: Segment Gross Operating Margin Variance: 1Q 2026 vs. 1Q 2025
Segment Gross Operating Margin Variance 1Q 2026 vs. 1Q 2025
Slide 13: Total GOM Bridge by 1Q
Total GOM Bridge by Segment 1Q 2026 vs. 1Q 2025 $ in MMs GOM Bridge $139 $15 $2,624 $85 $2,500 $2,431 ($1) ($45) $2,000 $1,500 $1,000 $500 $0 1Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2026 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The follo
Slide 14: NGL 1Q
NGL Segment 1Q 2026 vs. 1Q 2025 $ in MMs GOM Bridge $1,600 $22 $6 $47 $33 $17 $1,503 $1,418 $2 ($42) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1Q 2025 MTM Change Permian Basin Mont Belvieu Area Permian Morgan's EHT Other 1Q 2026 GOM Processing NGL Fractionation Basin Point GOM Facilities Complex &
Slide 15: Crude Oil 1Q
Crude Oil Segment 1Q 2026 vs. 1Q 2025 $ in MMs GOM Bridge $400 $374 $350 ($11) $329 ($34) $300 $250 $200 $150 $100 $50 $0 1Q 2025 MTM Change Crude Oil Pipelines, 1Q 2026 GOM Related Terminals GOM & Marketing (excl. MTM) Details: • MTM activity resulted in a loss of $13MM in 1Q 2026 compared to a los
Slide 16: Natural Gas 1Q
Natural Gas Segment 1Q 2026 vs. 1Q 2025 $ in MMs GOM Bridge $600 $15 $8 $5 $496 $500 $134 $400 $357 ($23) $300 $200 $100 $0 1Q 2025 MTM Change Natural Gas Texas Acadian Other 1Q 2026 GOM Marketing Intrastate System Gas System GOM (excl. MTM) and Haynesville Gathering System Details: • MTM activity r
Slide 17: Petrochemical & Refined Products 1Q
Petrochemical & Refined Products Segment 1Q 2026 vs. 1Q 2025 $ in MMs GOM Bridge $400 $67 $350 $315 $314 ($33) $300 ($11) ($24) $250 $200 $150 $100 $50 $0 1Q 2025 MTM Change Propylene Octane Other 1Q 2026 GOM Production Enhancement GOM & Related & Related Activities Plant Operations (excl. MTM) (exc
Slide 18: Segment Gross Operating Margin Variance: 1Q 2026 vs. 4Q 2025
Segment Gross Operating Margin Variance 1Q 2026 vs. 4Q 2025
Slide 19: Total GOM Bridge by 4Q
Total GOM Bridge by Segment 1Q 2026 vs. 4Q 2025 $ in MMs GOM Bridge $2,737 $51 $2,624 ($38) ($24) ($83) ($19) $2,500 $2,000 $1,500 $1,000 $500 $0 4Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2026 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The f
Slide 20: NGL 4Q
NGL Segment 1Q 2026 vs. 4Q 2025 $ in MMs GOM Bridge $1,600 $1,541 $17 $26 $1,503 ($5) ($6) $1,400 ($46) ($24) $1,200 $1,000 $800 $600 $400 $200 $0 4Q 2025 MTM Change NGL Marketing Eastern Delaware Mont Belvieu Other 1Q 2026 GOM (excl. MTM) Ethane Basin Area GOM Pipelines Processing NGL Fractionation
Slide 21: Crude Oil 4Q
Crude Oil Segment 1Q 2026 vs. 4Q 2025 $ in MMs GOM Bridge $450 $400 $353 $350 $329 ($12) ($11) ($1) $300 $250 $200 $150 $100 $50 $0 4Q 2025 MTM Change Texas Crude Oil Pipelines, Other 1Q 2026 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity resulted in a loss of $
Slide 22: Natural Gas 4Q
Natural Gas Segment 1Q 2026 vs. 4Q 2025 $ in MMs GOM Bridge $600 $124 $496 $500 ($12) $445 $400 ($61) $300 $200 $100 $0 4Q 2025 MTM Change Natural Gas Other 1Q 2026 GOM Marketing GOM (excl. MTM) Details: • MTM activity resulted in a loss of $56MM in 1Q 2026 compared to a gain of $5MM in 4Q 2025 • Na
Slide 23: Petrochemical & Ref. Products 4Q
Petrochemical & Ref. Products Segment 1Q 2026 vs. 4Q 2025 $ in MMs GOM Bridge $450 $397 $400 $350 ($28) $10 $314 $300 ($49) ($3) ($13) $250 $200 $150 $100 $50 $0 4Q 2025 MTM Change Octane Refined Products Mont Belvieu Area Other 1Q 2026 GOM Enhancement Marketing Propylene GOM & Related (excl. MTM) P
Slide 24: Indicative Attribution of GOM
Indicative Attribution of GOM • Slides 10 and 11 attribute gross operating margin (GOM) among various applicable business activities. Most activities fit easily into one category; however, the classification of certain activities involves an element of subjectivity. GOM classifications represent wha
Slide 25: Definitions
Definitions Net Cash Flow Provided by Operating Activities (“CFFO”) represents the GAAP financial measure “Net cash flow provided by operating activities”. Operational DCF is Distributable Cash Flow (“DCF”) excluding the impact of proceeds from asset sales and other matters and monetization of inter
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